If you haven’t heard of North American Life Insurance Company, it is probably because their Universal Life policies are more recognized than their other kinds of policies, like term life insurance. Nevertheless, this A+ rated company is still a worthy candidate when you are trying to decide which life insurance provider to go with. North American has been covering people since 1886, and as far as life insurance goes, they recently went over their rates and updated them to be more competitive.
You can start comparing quotes at any time using our online quote form, but know that it is always wise to go over trusted reviews of each life insurance company before making a decision. We work with over 30 providers but as an independent life insurance agency we receive no compensation or incentives to write reviews of these providers. Continue reading to learn more about our honest opinion of North American Life and Health Insurance Company
Table of Contents
North American is a Financially Strong Company
This company currently has over $13 Billion in total assets, which indicates it is financially strong. North American also holds an A+ rating with both A.M Best and Standard and Poor’s (S&P). It is also worth mentioning that North American currently is not in any debt, which is impressive to say the least since many other companies are.
All of this is important information though, because you want your insurance provider to be in good standing and on firm financial ground. If you do not take this into consideration, you risk going with a company that could go under or get into financial hardship while you still have a policy with them, which could mean they can’t pay your death benefit in the end.
North American Company for Life & Health Has Different Term Life Insurance Options
One of the great things about this company is that you have a lot of options when it comes to term life insurance, and this makes it possible for you to get a customized policy that suits your specific needs. For example, North American makes it possible for you to convert a term life policy into permanent life insurance up until you are 69 years old, without having to get another medical exam, etc. You can also still renew your term policy without fulfilling these extra requirements up until you are 98 years old.
North American Company Policy Riders
Accelerated Death Benefit Rider
If you are diagnosed as terminally ill with less than two years to live, this rider allows you to access up to 75 percent of the policy death benefit (with a cap on $250,000) without paying extra fees or a penalty.
Additional Insurance Option Rider
If you are approved for Super Preferred Non Tobacco and Preferred Non Tobacco rates, this rider allows you to buy additional coverage without having to get another medical exam. For instance, if you are between the ages of 18 and 35 and realize you will need more coverage (such as in the case of having another child), you can do so after having your policy for one year. However, this option does come with limits: You can only get another 50 percent of the original death benefit amount on the first year anniversary of your policy, and during the second and third year you can only purchase another 25 percent. If you’re between 36 and 40, you can only purchase more coverage on your first and second year policy anniversary. If you are older (up to age 55), you can only do so in the first year.
Waiver of Premium
If you become disabled and cannot work, this allows you to waive paying your premiums.
Not many life insurance companies give you a variety of options to pay for coverage, but North American does. With them you can pay using automatic bank withdrawals, a check, , and even a credit card.
Rates Are Competitive
Let’s face it— low, competitive rates are what ultimately matter for a lot of people. The good news is that North American is generally very competitive, especially when you compare their rates to other top-ranked companies like Transamerica SBLI, American General, Prudential, Protective, and Banner Life. For example, let’s say Jill is a 40-year-old woman who applies for a $500,000 policy for a term of 20 years. Here are the rates she is likely to be offered:
Protective: $20 a month
SBLI: $21 a month
Banner Life $21 a month
American General: $23 a month
North American $23 a month
Prudential: $32 a month
As you can see, North American is among the lowest. Even so, it may not be the best choice for you, so it is always a good idea to learn more about of your options before making a decision. Looking for a Non Medical exam option? You may want to check out our review of ANICO to see if that is a better fit for you.
You can start comparing rates today using our online quote tool, but you can also call us at 888-411-1329 to get a quote and learn more about your life insurance options. We look forward to helping you!